CVI earnings analysis
What we found in CVI's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
CVR Energy's Q1 2026 results show a revenue of $1.98 billion, surpassing estimates of $1.77 billion. However, the company reported a loss per share of -$1.24, significantly below the expected -$0.61. EBITDA improved to $37 million compared to $24 million in Q1 2025, showcasing operational resilience amidst geopolitical pressures affecting commodity prices.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue Exceeds Estimates
- Actual revenue reached $1.98 billion, beating the consensus estimate of $1.77 billion by 12.3%.
- Improved EBITDA
- Adjusted EBITDA stood at $37 million, a significant increase from $24 million in the same quarter last year.
- Cash Dividend Declared
- The company declared a cash dividend of $0.10 per share, signaling commitment to shareholder returns.
- Segment Restructuring
- The renewable diesel unit has been reverted back to hydrocarbon processing, reflecting strategic realignment.
- Ongoing Operational Projects
- Capital investment projects in the Petroleum Segment aim to enhance profitability and operational reliability.
- Positive Segment Outlook
- Management anticipates continued improvement in margins from petroleum and fertilizer segments.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Heightened Geopolitical Risks
- The ongoing Iran War has led to increased volatility in energy prices and disruptions in supply chains.
- Regulatory Compliance Costs
- An estimated liability of $204 million for RFS compliance through Q1 2026 could impact financials.
- Potential Market Volatility
- Fluctuations in global crude oil markets influenced by geopolitical developments may affect operations.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $-1.24
- Segment
- Petroleum
- Segment
- Nitrogen Fertilizer
What they said about what is next.
Guidance for Q2 2026 projects revenue between $2.0 billion and $2.15 billion with throughput estimates in the petroleum segment of 200,000 to 215,000 bpd.
The filing reads about the same as the one before it.
What came before.
- 10-K · February 18, 2026
- CVR Energy presents a cyclical, commodity-exposed business organized around three operating segments: Petroleum, Renewables and Nitrogen Fertilizer, and emphasizes capital projects (turnarounds, alkylation expansion,…
- 10-Q · October 30, 2025
- CVR Energy reported a strong Q3 2025 with net sales of $1,944 million and operating income of $512 million, reversing prior-year losses and producing diluted EPS of $3.72. The quarter was supported by improved margins…
- 10-K · February 19, 2025
- CVR Energy, Inc. continues to face challenges in its petroleum refining and marketing business amidst volatile crude oil prices and increasing operational costs, impacting margins. However, the recent quarterly…
- 10-Q · July 30, 2024
- CVR Energy reported Q2 net sales of $1,967 million (down $269 million, -12.0% vs Q2 2023's $2,236 million) and operating income of $27 million (vs $224 million in Q2 2023). Gross margin compressed to 2.9% and diluted…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
Read the next one first.
We read every filing CVI makes the day it lands, and put it next to what the options market did about it. Members get both, and an alert when a filing arrives.
Cancel anytime · Month to month · Switch tiers whenever